XtraderFX Review - is it scam or safe?

RECOMMENDED FOREX BROKERS

XtraderFX is a CFD broker, focused on the crypto currency market, which on first glance can even be mistaken for a crypto exchange.

Account type

Min. deposit

Max. leverage

Spreads

Standard Account

n/a

n/a

n/a

We should note, however, that there is a fundamental difference between buying an asset like a crypto coin – you can do that on a cryptop exchange - and making a bet with a Contract for Difference - the kind of trade XtraderFX is offering. For more information on the subject you may check our article:

XtraderFX Advantages:

Bitcoin accepted as payment

With XtraderFX you can fund your account with Bitcoins as well as fiat currencies. Payment methods include major credit cards like VISA and MasterCard, as well as wire transfer. However we miss popular e-wallets such as Skrill, Neteller and PayPal so here you may check our list of brokers, where you can pay with Skrill:

CryptoEU Disadvantages:

Lack of regulation

XtraderFX is operated by GPAY Ltd., which claims to be registered in the UK. All financial intermediaries, operating in UK, should be regulated by the local Financial Conduct Authority (FCA). We diligently checked the FCA registers, but unfortunately there was no sign of XtraderFX or GPAY Ltd. either.

Keep in mind that investing with unregulated brokers involves an implicit risk of loosing your money to scammers, so our best advise is to trade with properly licensed brokers only.

Well respected financial institutions such as the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC) and even the Bulgarian FSC require all licensed brokers to maintain certain level of operational capital, as well as to keep all clients funds in a segregated, protected form creditors account. In some cases brokers are even obliged to insure traders money.

FCA and CySEC brokers for example have to participate in client compensation schemes. Under the FCA backed Financial Services Compensation Scheme traders can receive back up to 50 000 GBP of their capital in case their broker goes insolvent, while under a similar insurance mechanism, traders with CySEC brokers can receive back up to 20 000 EUR. Here you can check our list of brokers licensed by CySEC:

In its presentation XtraderFX says “it is the latest and most cutting-edge service delivering trading in crypto currencies”. However, in our view they are the latest of a series of unregulated CFD brokers, posing as a crypto exchange to take advantage of the huge interest toward the crypto markets since late 2017. Here you can check our list of brokers also offering Bitcoin CFDs:

Unfortunately we were not able to open a Demo account with XtraderFX and as they give no information about their trading conditions – spreads and leverage, here you may want to check our list of brokers, offering tighter spreads:

On XtraderFX website in the Terms and Conditions section we read that in order to withdraw your funds, you will be required to execute a minimum trading volume of: the bonus you received, times the leverage, times 40 (Bonus x Leverage x 40) and that in our view is highly unusual. Have a look:

No information about the minimum deposit requirement

Unfortunately there is no information in the presentation about the minimum deposit requirement to open an account with XtraderFX. Have in mind that with most brokers you can start trading with less than 250 USD, while some big names like FBS and IG does not have a minimum deposit requirement at all.

Conclusion:

XtraderFX is an unregulated broker, attempting to attract customer while posing as a crypto exchange. As we already discussed, investing funds with unregulated entities comes with a significant risk of loosing your money to scammers.

FXTM a regulated forex broker (regulated by CySEC, FCA and IFSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $5 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

easyMarkets is a CySEC and ASIC regulated broker offering access to over 300 trading instruments, tight fixed spreads, no slippage and a 50% deposit bonus.

HYCM is global forex broker with more than 40 years of operational experience, regulated by FCA in the UK. Trade Forex with spreads as low as 0.2 pip

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an ongoing monthly $999 forex contest, offers a $5 no-deposit bonus for anyone willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage - one of the highest in the industry.

Deposit/Withdraw

Customer service

Summary

Don't use this company, Ben Walsh called me everyday telling me we were making big money, I put in US$20,000 and can't get anything back.
I was promised $2000 a month into my bank account, this has been nothing but lies.
Should I go to their office in Slough and talk with Ben Walsh?

1. broker call (a woman) on gasoline bet, she explains to me how I can bet 50 euros, which I then also did.
Tread independently Tread with approx. 50 euro loss aborted.

250 Euro to be paid out. Nothing happens because my account wasn't set up yet.
On the 28.11. E mail from you that everything is now clear.
250 euro cancelled for payment and again instructed. again nothing happens.

2. broker call he tells me what about Opec, he would have to access my account, I so stupid and read it. Suddenly he does something and puts without my agreement approx. 173 euros on Eurtry, had no idea what that is. I thought he wants to do something because of my payment.

There I was already stinke Sauer. I then immediately instructed me the remaining 75 euros to pay out.

3. broker on 6 Dec. witness my partner.
A Mr. Joshua Hoffmann calls me, Broker No. 2 has made a mistake, he wants to transfer me 300 euros back to my account, for that the Tread must be closed. He needs access to my PC, I again so stupid and leave it, he breaks off the thread and sets my account to almost 0 euros. I then sent my cancellation to you.

4th Broker on 10.12 I let me call back because I thought there is finally something doing, he tells me that I have made I loss (which I know), then I tell him my story how it came to it, suddenly was in it withendrin the conversation away. There was also no recall.

Message from 14.12. it was a demo account

I'll never see that money again.
!!!!!!!! This is a fraud company !!!!!!!!!!

Philippe van der Berg called me on Sunday 2nd December asking me to deposit more funds so that he may generate a bigger return,,, I said no but was willing to put in another £250 after taking my card details he emptied my account and has little or no contact since. Once it was discovered he said that he would put it back but I'm still waiting and he sent an email saying I was in big profits but have no access to my account ??

I am usually very careful with my money, but I sussed this company when it was too late and only 2 hours after opening the account. Within that 2 hours I was bombarded with phone calls which I ignored and blocked. I do not like pressurised sales. Its the 5th day since I opened and I see my account is still showing the original investment after requesting a withdrawal and closing the account. You are unable to withdraw the funds without supplying all your personal details and photos of your credit card, utility bills and driving licence. This company smells of a rat! Unfortunately I wish I had done more research before i invested!

They got my card details and went out buying clothes. They should be closed down. Write to them. They never reply something should be done to stop them advertising they also keep calling you from a London number keep pestering you initially then you find out they have spent your money on luxury goods.
Make sure you change your Bank details straight away especially the card you used they are Scum

I got to the XtraderFX website via a link from a Daily Mirror net article which linked them to the Dragons Den Bitcoin episode. I decided to try this mainly because I had seen the programme and was fascinated, so decided to try. Clearly this is a fraudulant article.

People must understand that if you depoit funds (300 Euros), before trading you must send the following:

Colour passport style photo, Utility bill showing home address, colour photo of your debit card with first six and last four numbers visible, and the opposite side with your signature showing and CVC code blanked out.
Well, I will not give out that much personal information.

I had a conversation with someone from a London number, asking for a refund to the card I payed with. He claimed he wanted to help to avoid getting bad reviews and agreed to a refund. Except that to get the refund I had to send all those details!! He said this was necessary to avoid an accusation of money laundering. The company uses GPAY which is not regulated in the UK.
So that is the end of my research.

These people take your money claim to be investment advisors and get you to buy a position when the market is about to turn the other way, thereby creating a loss so the only way to get back is to invest more and they will give you credits but it is just a way to get you to invest more and loose more. If any one has made a profit using these people then let us know as far as I can see all they do is take your funds and when you have lost all they will then look for some other person to take money from. They say they are in the UK but that is just a billing address and you do not know where they are calling from. Be very aware about this company and do not invest with them. Be warned

If you paid any money to this scamming company by either debit card or credit card ask your card supplier to claim your money back from Visa or Mastercard. This appears to be the only way you will ever get your money back. If you paid by bank transfer or wire ask your bank to claim your money back.

I have tried to cancel right from the start.have tried phoning and emailing to no avail .I have contacted my bank and they are investigating them they took money without my permission I wish I could get my hands on these scamming BARSTARDS.My loss is £350 .I am absolutely disgusted with this company
R kilgour

I found out that they are not lisence trader i only know i started 300EUR with them but they took onother 2,000EUR on the same day in my credit account . Now they won’t listen when i told them I’m quiting. Can i get any help?

Originally taken in by the Peter Jones/Dragons Den advert and signed up with CryptoPoint. Initially invested £300 which turned a profit in a matter of hours, so thinking this to be good I invested £5000 which also turned a profit. After a further £1500 was put in to recover a £3000 loss my account showed a balance of £7165.73. That's when I stopped, realising that I could not take out any funds or remove any of my original stake. It's the old poker school scam - let you win the first hand and then suck you in with a promise of greater gains! An interesting experience that has cost me £6800 and nothing to show for it. KEEP AWAY - IT's A SCAM!!!!!!!!

The business is owned by Mr Georg Komisarov. He trades under the name of GPAY Ltd but , although his office is in Slough the business is in Bulgaria where he lives. I was taken in also by the Peter Jones advert and lost my money overnight so , when they would not respond to my e mails I reported them to the fraud department and also sent a report to the FCA. I then took out a summons against them for £300 plus £25 costs and I won the case. They have now been ordered by the court to pay me £325 forthwith, If they do not pay within 30 days I will ask the court to send in the bailiffs. I urge you all to do the same 3t4dwv

Would not let me have funds refund during cooling off period, rang consistently asking me to trade, wanted all my persoal details (i have had identity stolen before) so would not give, after all i did not have to give them when they accepted my money originaly. The pricks stopped me trading then shut me out of account altogether. Then lo and behold rang for more money to get the deal of a lifetime, they have not rang sinse

Beware of these Scammers! Cant believe I was taken in. Cannot access the account and don't answer emails. Have asked for refund but say to cancel I have to give more personel details. Not likely.
I have cancelled my debit card with my bank, as XtraderFX have the card number and 3 digit security code

I have been called by people from XtraderFX but when I mention I want to withdraw my money, they can't help. they just say you can do it online. Now if I could find the log in, then I would. The log in facility has disappeared. I feel very stupid for falling for it. I should have researched before giving my money to them. Lesson learned, the hard way.

try for three weeks to reach my "account manager". IMPOSSIBLE !
only if he has the goodness to talk to you he calls you.
ask which one puts over the mainpage, are NOT forwarded. or simply put in the blank
wrote 15 mails to my manager, wrote 20 help email on homepage and still waiting for an answer or contact.
one is completely delivered to the manager !!!!!!

I am unable to verify my account due to the fact that the original amount deposited was on a card that has been superseded with different numbers , although the account remains the same. I want my money back, they are refusing without me giving a whole load of details'. I WILL NOT TALK to the pushy cretins that call me. I can't even log into my account, I will probably have to write off 319 euro which they took which was more than I agreed.
They use sharp practise, I would avoid you if I had known. I want my money returning. I want a cheque to my house

I let myself be tempted to a 300 € test deposit. Then the telephone terror started. Finally, I wanted to persuade me all violence on the phone to make a deposit of 5,000 to 10,000. Only then will the account be managed and a reward of at least 10% per month will be promised. When I did not want to have in the conversation turned on a senior account manager and wanted to push me even harder. Since a NO was not accepted, I just hung up. I have requested my money and after several mails and 10 days waiting time, only 275 € have been credited back to me. For what the 25 € fee should be? Just keep your hands off it. My senior account manager had a strong Slavic accent and was named Peter Brown !!! Since I should have responded to my alarm bells.

Had an account with xtraderfx. On 16 September 2018 they just changed my trading account login password without informing me. Thus I couldnt access my trading account. At that point a had a live active trade. They then forwarded me the link to access. Guess what...I couldnt access the link. I complained again. They only told me....sorry for the inconvenience, they are busy with maintenace on their site/platform. Its the 21st today....still no access to my tradinh account. I most probably lost my funds because my trade are now going the oppisite direction. Thank you xtraderfx for being dishonest caniving thieves.

I wish I would have read this review two weeks ago it would have saved me £300 pounds . When I signed up a woman from xtraders tried to get me to take a loan out for £25.000 by taking over my computer and filling in a loan requests.. I had to phone the bank and cancell the loan .. and now she phones me MST days and I don’t answer the phone ...

Hi, I don;t know how you lucky people are earning the 2 people who were dealing with my money they have taken away nearly £7000.00 and in ths world no one can imagine how depressed I am, so stressed. first time I had lost £ nearly 6000.00 and then this gentleman had been ringing me for 3 months, and at last convinced me that if I add more £1000.00 then he will get me my all £7000 and plus i will start earning the profit as well, MAY GOD HELP ME, wish I can get my money back, and not even 3 days and he has suspended my account as well. No one knows how badly I have been praying to GOD for my money. I am deeply sad, stressed and very bad level of depressed, GOD is watching, i am an elderly woman that monet was from my small pension pot, I wish someone can imagine and if they can suggest me to get my own money back, it's my own money not begging from anyone, I told him I am not earning these money are for bills. These people are very very cruel, actually more that cruel, they just want to fool vulnerable people. I am just thinking now its time that May GOD take me away because this is quite a big blow. But you pople are in good hands. Thanks to GOD. Wish I had known this before. I wouldn't have fallen into this trap.

Deposited £400 using credit card,
Next day,not poss to activate acc??
Was puzzled,so rang number,was informed an assigned manager
Would activate it,he rang me,said would take around 40 mins to explain how it works and what sort of income I would be looking for,unfortunately never had time as at work-during that day after reading info about withdrawing,decided to withdraw my money.started live chat-and was told due to strict guidelines I had to send colour photos,driving licence,
Utility bill,credit card used(leaving out 4 numbers and Cvv number on back-would this be normal procedures???
Kind regards
Anthony.

I am so confused keep receiving calls from them and keep asking for more & more money, now I have been asked to deposit £1000.00 more and that's minimum. They say they will give my money back, but what's the guarantee then? So, confused

I opened an account with £500. Instantly deluged with phone calls to urge me to lodge more funds. Decided quickly to withdraw all funds. This took 12 days and cost me £25. Chat desk very helpful though. I would not touch this site with a bargepole.

very bad lost my $2000 in one week, requested to sell crypto coin and it was automatically sold at lower price than I choose, they are cheater, not able to withdraw my $100 to close my account ,even account manager was frequently calling to put more money in my account. Account is not safe.
Never use this platform

Formerly cryptopoint. they are a total scam.
After some months I managed to get back my 3,000.00 euros.
Then due to a management decision they have disabled my account and kept the 700 euros that I had made.
Previous to this when I said that I was going to close the account 900 euros were deducted from my account without any explanation.
Don't invest with these crooks!

Not impressed. I signed up on the internet. Had a phone call straight away. Got talked into putting £300 into account. I got held up with family issues so I couldn’t do any trading or anything. I wanted to take my money back from my account. I had to verify my account
Now I have verified I STILL cannot take my money out of my account although I haven’t actually done anything with it yet
Keep getting phone calls every day from Switzerland. Probably 6 a day.
I just want my money back !

$250us deposited after being talked into the deducting ss my bank would not allow transaction
Decided to withdraw on the 7/7/18 still have not seen funds even though I have contacted them
Now 18/7/18 still no funds returned even though the sight says funds returned
Not holding my breath and yes they are still ringing me to reinvest
Do not invest
A true trading company would have returned funds and yes many hurdles to cross to ensure your identity
They may still refund but a scam it is looking more likely

Money went missing from my account when i said that i was going to close it down.
in may 2018 when i made my withdraw request for 1,700.00 they rejected the amount and put a new request for 1,000.00.
when i questioned this i was told that i was mistaken i was the only person that could change the amount.
a couple of weeks went past making calls every day, my account manager went missing to then be told my account had been suspended...but they could not tell me why.
fobbed off until they said that there was a problem with making the payment to the call they had previously made to?
requested bank details to make the swift payment...not that swift!
has now been 10 days since they received and still being fobbed off!
This is a total scam stay well clear of these con artists!

Do not invest or put your money here, your initial advisers will stop offering advice as soon as you refuse to put more money on your account, at that point you will be moved onto another one etc etc you can guess the scam.

The bonus conditions make it virtually impossible to withdrawal funds without receiving a penalty.

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